The right sort of property
When those buying investment property look for the right kind of investment, it may not be quite true to say that location, location, location is everything. True, areas close to universities may be great for student lettings, those in city centres popular with professionals and those with good public transport links favourable for professional tenants. But there are other factors.
Of all these, the type of property itself is central. For example, apartment building has been one of the major features of the recent property boom as the economic growth of provincial cities has gone hand-in-glove with the increasing popularity of city centre living. However, while this has attracted a large number of professionals to the heart of Manchester, Leeds, Liverpool, Birmingham and other places where workplaces and much else besides are often just a short walk away, the recent story has been one of oversupply in many cases, particularly in Birmingham.
This has also happened outside the major cities as well. A case in point is Ipswich Property, where this week the town's MP, Chris Mole, suggested that recent house price falls were mainly due to this trend occurring there too. Mr Mole told the Suffolk Evening Star: "We think that the development of flats was necessary to kick start some of the regeneration of the Waterfront but probably for 2008 we have got as many as we need if not too many."
So if the apartment market is oversupplied at present and out in most cases, at least for now, this leaves other types of home to consider. One might be detached hoses, which, according to a new report by Nationwide, have lost less of their affordability than the average home in the past five years, increasing in price by 41 per cent rather than the average 50 per cent. The Land Registry figures in the year to February 2008 indicate much the same thing, with a figure of 4.4 per cent comparing with an overall average annual rise of 5.3 per cent. One caveat with the figures may be that only four per cent of these, according to Nationwide, were in London, which may partly account for the lower inflation rate.
Perhaps more excitingly for investors who may wish to buy property for letting on a multiple occupancy basis, the number of rooms in a detached house in going up. The Survey showed that the average number of rooms in such a house built before WWII was 3.4. Since then it has been 3.6 until recently, when the new build average has been 3.9. The number of bathrooms is also conveniently higher, from the post-war two per house to 2.3. This means many more houses that could potentially house - and bathe - more tenants.
Of course, homes and houses mean different things to different people and those letting them will have to cater for the lifestyle desires of their tenants. Living in a flat alone or a detached house with friends will each imply a lifestyle choice.
Few, however, would mention bungalows, which one may not imagine to fill any particular niche for the lettings market. However, a survey by Countryside Properties has claimed that the average dweller of such a house registers 8.15 out of ten on a happiness scale. Perhaps these single storey homes will develop an appeal of a different kind.
In today's world Property investment is an excellent investment option especially investment in UK
Jim Barnaby is a real estate investment broker and successful property investment adviser delivering research and selected UK and overseas property investment solutions with experience in spanish properties, french property investment, German property, Cyprus holiday homes, Property in Cape Verde, German property investment, cape verde property buy to let property
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